Podcast
Questions and Answers
What is one of the determinants of elasticity for prescription drugs?
What is one of the determinants of elasticity for prescription drugs?
- Availability of substitutes (correct)
- Low demand in the market
- Presence of numerous alternative uses
- High proportion of income spent on drugs
In perfect competition, who sets the prices?
In perfect competition, who sets the prices?
- Consumers
- Companies (correct)
- Government
- Industry regulators
Which market structure promotes differentiation instead of standardized products?
Which market structure promotes differentiation instead of standardized products?
- Monopolistic competition (correct)
- Perfect competition
- Oligopoly
- Monopoly
What is a characteristic of monopolistic competition?
What is a characteristic of monopolistic competition?
Which type of market structure involves firms that are interdependent and set prices through price leadership?
Which type of market structure involves firms that are interdependent and set prices through price leadership?
What is a characteristic of a monopoly?
What is a characteristic of a monopoly?
Why does perfect competition have a horizontal demand curve?
Why does perfect competition have a horizontal demand curve?
What kind of economics model does health care most likely fit?
What kind of economics model does health care most likely fit?
What is the economic term for the satisfaction obtained from the consumption of a good or service?
What is the economic term for the satisfaction obtained from the consumption of a good or service?
What are the three basic resources in economics?
What are the three basic resources in economics?
What concept is determined by marginal utility in economics?
What concept is determined by marginal utility in economics?
Which economic concept states that the satisfaction received from obtaining one more unit of a good declines as one consumes more of it?
Which economic concept states that the satisfaction received from obtaining one more unit of a good declines as one consumes more of it?
In economics, which resource is typically considered as money and physical resources?
In economics, which resource is typically considered as money and physical resources?
What is the law that defines the quantity demanded of a commodity as inversely proportional to its price?
What is the law that defines the quantity demanded of a commodity as inversely proportional to its price?
What determines the personal desire for one more unit of a good or service according to the text?
What determines the personal desire for one more unit of a good or service according to the text?
What are costs proportional to according to the text?
What are costs proportional to according to the text?
What happens to supply when the number of sellers in the market increases?
What happens to supply when the number of sellers in the market increases?
How do resource costs affect sellers' incentive to produce?
How do resource costs affect sellers' incentive to produce?
Which factor can lead to an increase in supply of brand name drugs?
Which factor can lead to an increase in supply of brand name drugs?
In what situation do sellers typically produce more in preparation for future price increases?
In what situation do sellers typically produce more in preparation for future price increases?
What does market equilibrium price represent?
What does market equilibrium price represent?
Which type of demand is characterized by a decrease in overall revenue when prices increase?
Which type of demand is characterized by a decrease in overall revenue when prices increase?
What factor makes a product's demand more elastic?
What factor makes a product's demand more elastic?
Which scenario would likely result in inelastic demand?
Which scenario would likely result in inelastic demand?
What does a supply curve show?
What does a supply curve show?
What happens when there is a change in quantity supplied?
What happens when there is a change in quantity supplied?
Which of the following is not a factor that can change supply?
Which of the following is not a factor that can change supply?
If technology advances, what is the likely impact on the cost of production?
If technology advances, what is the likely impact on the cost of production?
How do seller's expectations impact the supply curve?
How do seller's expectations impact the supply curve?
What happens when there is a change in supply?
What happens when there is a change in supply?
How can an increase in resource costs affect the supply curve?
How can an increase in resource costs affect the supply curve?
What could make consumerism difficult in the health care market?
What could make consumerism difficult in the health care market?
Why is it challenging to measure the quality of health care products and services?
Why is it challenging to measure the quality of health care products and services?
What contributes to the inelastic demand in the health care market?
What contributes to the inelastic demand in the health care market?
Why is health care considered a 'right' by some individuals?
Why is health care considered a 'right' by some individuals?
What is a potential financial conflict of interest in the health care market related to supplier-induced demand?
What is a potential financial conflict of interest in the health care market related to supplier-induced demand?
How does third-party insurance contribute to patient-induced demand in health care?
How does third-party insurance contribute to patient-induced demand in health care?
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